💨 Abstract

China's Xiaomi Corp raised $5.5 billion in a share sale to fund its electric vehicle manufacturing plans, selling 800 million shares at HK$53.25 each. Xiaomi, the world's third-largest smartphone maker, aims to ramp up its business expansion and research & technology development. The company began manufacturing EVs last year and plans to start shipping cars overseas in 2027.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖